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MoUnms ViEw <br />City of Mounds View Staff R <br />Item No: 8A <br />Meeting Date: March 12, 2018 <br />Type of Business: Council Business <br />V--4-6 <br />To: Honorable Mayor and City Council <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: Public Hearing & Resolution 8921 Adopting a Modification to the <br />Redevelopment Project Plan for the Mounds View EDA Project and <br />the Establishment Tax Increment Financing District No. 1-6. Therein <br />and Adopting a Tax Increment Financing Plan. <br />Introduction: <br />MWF Properties is proposing to construct a 60 unit workforce housing project on four parcels near <br />Groveland Road and Mounds View Boulevard. MWF Properties is requesting TIF for the project. A <br />public hearing is required when establishing a TIF district. Ehler's the City's financial consultant will <br />be reviewing the TIF requirements, amounts, and terms, at the Council's March 12, 2018 Council <br />Worksession. A similar resolution will be considered at the March 12, 2018 EDA meeting. <br />Discussion: <br />Hear public comment and discuss as needed. Following the public hearing consideration will be <br />made to Resolution 8921 A Resolution Adopting a Modification to the Redevelopment Project Plan <br />for the Mounds View EDA Project and the Establishment Tax Increment Financing District No. 1-6. <br />And Adopting a Tax Increment Financing Plan. A representative from Ehler's, the City's Financial <br />Consultant will be on hand to answer any questions as well as Kennedy & Graven, the City's Legal <br />Consultant. <br />Recommendation: <br />Open the public hearing and hear comments from the public. When all comments have been heard <br />close the public hearing and open the floor for Council discussion. Attached foryour consideration is <br />Resolution 8921, a resolution approving the modification to the project plan for the Mounds View <br />EDA MWF Project and the establishment of TIF district No. 1-6. <br />Respectfully submitted, <br />Brian Beeman <br />Business Development Coordinator <br />Attachments: <br />1) MWF TIF Public Hearing Notice <br />2) Resolution 8921 Adopting a Modification to the Redevelopment Project Plan for the <br />Mounds View EDA Project and the Establishment Tax Increment Financing District No. <br />1-6. Therein and Adopting a Tax Increment Financing Plan <br />3) Summary of TIF District No. 1-6 Overview <br />4) Modification to the Redevelopment Plan for the Mounds View Economic Development <br />Project and TIF Plan for the Establishment of TIF District No. 1-6 (A housing district) <br />within the Mounds View Economic Development Project <br />